Over 50 U.S. banking and consumer advocacy groups have urged the Senate Banking Committee to amend the GENIUS Act, a new stablecoin law. The groups are pushing for changes to address competitive dynamics for stablecoin issuers, particularly those pegged to the U.S. dollar, in both traditional and decentralized markets. They advocate for tighter regulations to prevent competitive advantages for certain financial institutions and to prohibit stablecoin yield offerings. The legislation significantly impacts stablecoins such as USDC, USDT, and DAI, with industry participants awaiting further clarity before making operational changes. The GENIUS Act's yield restrictions echo past regulatory shifts, potentially reshaping the stablecoin landscape and affecting financial structures within the DeFi ecosystem.